1335 E. 3rd Street

1335 E. 3rd Street, Long Beach, CA 90802

Sale Price

$2,600,000

Investment Overview

Units

8

Year Built

1918

Price Per SF

$529

Price Per Unit

$325,000

Current Cap Rate

3.77%

Market Cap Rate

5.26%

Current GRM

16.64

Market GRM

13.17

The Offering

1335 3rd Street is an 8-unit investment asset in prime Alamitos Beach. The property consists of spacious units with a mix of two 1 BD/ 1 BAs and six studios.

Five units have been renovated with new flooring, cabinetry, countertops, stainless steel appliances hardware, window coverings, ceiling fans and LED light fixtures. Building plumbing and electrical systems have been upgraded.

Exterior and common area renovations include a remodeled laundry room with new machines and new flooring in hallways and staircases. New landscaping includes installation of concrete hardscape and modern fencing, drought tolerant plants with drip irrigation and lighting.

On-site laundry facilities and parking (spaces and driveway) generate additional income.

Investment Highlights

  • 8 Spacious Units; 5 Units Fully Remodeled
  • Upgraded Building Systems
  • Complete Exterior & Landscape Renovations
  • 8 Parking Spaces and Onsite Laundry Generate Income
  • Individually Metered with In-Place RUBS Program
  • Prime Alamitos Beach Location / 94 Walk Score